Jupiter Wagons targets 20% export share in energy storage biz by 2030

Freight wagon manufacturer Jupiter Wagons is targeting 20% of exports from its battery energy storage business by 2030, Vivek Lohia, managing director of Jupiter Wagons, told Business Today on Thursday. Lohia was speaking on the sidelines of the 11th India Energy Storage Week (IESW) organised by the India Energy Storage Alliance (IESA).

“We are already exporting through the North American market. Now we are in discussions for exporting through Europe. Siemens is buying from us for their Indian subsidiary, but they will be using it for their global requirements. Definitely, exports are going to be part of our strategy. Ideally, exports should be 20% of our capacity,” says Lohia.

The company has two manufacturing facilities—one in Indore and another in Bangalore—for its battery storage business. Over the last two years, the company has invested approximately Rs 150 crore in its energy storage business, according to Lohia. Going ahead, the company plans to invest another Rs 150 crore in the next two to three years.

“The way we are seeing the scale-up happening, we plan to invest another Rs 100–Rs 150 crore in the next two to three years,” says Lohia.

Meanwhile, one of the biggest challenges for the domestic battery storage industry, says Lohia, is the heavy reliance on China. “If you look at BESS (battery energy storage solutions), most of the players are getting their products from China, and their contract is long-term…. The challenge is that in China, the ecosystem is so well developed that the pricing is competitive. Most of the battery storage which is coming now is coming directly from China. So that is the challenge that now we have to start educating the customer, getting their confidence, and they have to start buying it in India instead of importing directly from China, and that’s where the government is also stepping up with the ‘Make In India’ initiative,” says Lohia.

Notably, amidst the US tariffs, geopolitical tensions, and the rare earth magnet crisis, the company has not encountered any supply chain disruptions for its battery storage business. “While we didn’t face any substantial challenge in terms of the battery storage business, we faced delays from our motor suppliers owing to the rare earth magnet crisis,” notes Lohia.